Fake online trading syndicate busted, 4 held in Delhi
The Delhi Police has busted a fake-online-trading racket with alleged links to Cambodia-based operators and unearthed a fraud network that has siphoned off more than Rs 300 crore from victims across the country.
Four key accused have been apprehended from Kolkata and Lucknow in connection with the racket. Police dismantled a sophisticated syndicate that lured people with promises of high returns through fake trading applications and online messaging groups, masking as legitimate brokerage firms. According to police, the fraudsters contacted potential victims through advertisements and messages on social media, offering "online trading investments" and "guaranteed" profits. "Those who responded were added to groups with misleading names, such as Ventura Securities, Go Market Global and IPO Stock Trading, falsely projecting themselves as authorised brokers," Deputy Commissioner of Police (Crime) Aditya Gautam said.
The victims were then persuaded to download fraudulent mobile applications that displayed rigged trading dashboards showing fabricated profits. To build trust, the accused initially credited small amounts as "returns" to the accounts of the victims, prompting the latter to invest larger sums subsequently. Later, the fraudsters demanded additional payments under the pretext of taxes, fees or activation charges for withdrawals, after which the victims lost their money, police said. Investigators said the network operated through a vast web of mule bank accounts arranged by Indian handlers.
Bank account details — including account numbers, IFSC codes, registered mobile numbers and customer IDs — were shared with the scammers. The SIM cards linked to these accounts were kept active and fitted with applications that auto-shared transaction OTPs, enabling seamless diversion of funds.
